Nigerian Afro-pop sensation Davido has found himself at the center of a cryptocurrency controversy. The artist's recent launch of a meme token, $DAVIDO, has sparked outrage and accusations of a pump and dump scheme, leaving many in the crypto community reeling. The token's value plummeted by a staggering 93% just a day after its launch, raising questions about the star's intentions and the future of celebrity-backed cryptocurrencies.

Davido's foray into the crypto space began with an initial investment of 7.5 SOL, valued at $1,275, which he used to create and launch his $DAVIDO token on the platform Pump.fun. This move allowed him to purchase 203 million $DAVIDO tokens, equivalent to 20.3% of the total supply. However, things took a surprising turn when the artist transferred 20 million $DAVIDO tokens to an address labeled "dead1111…1111," leaving him with 61.12 million $DAVIDO tokens valued at $207,000.

According to blockchain tracking firm Lookonchain, Davido made a profit of 2,783 SOL, equivalent to $473,000, in just 11 hours after selling his $DAVIDO memecoin. Despite this quick profit, the singer still holds an unrealized profit of $207,000. The swift surge in value and subsequent crash have raised suspicions of a pump and dump scheme, with many accusing Davido of orchestrating the operation.

The crypto community has been vocal in its criticism of Davido's actions, with many expressing concerns about the potential financial losses for his fans and the negative impact on the legitimacy of cryptocurrency markets. The controversy has also sparked a wider conversation about the role of celebrities in the crypto space and the potential risks of their involvement.

Davido's silence on the matter has only fueled the speculation, with many calling for him to address the allegations and provide clarity on his intentions. Despite the backlash, the artist remains active on social media, teasing upcoming projects and collaborations related to his $DAVIDO token.

As the dust settles on this controversy, one thing is clear: the intersection of celebrity culture and cryptocurrency is a complex and potentially treacherous terrain. While some see it as a lucrative opportunity, others view it as a recipe for disaster. As the crypto market continues to evolve, it remains to be seen how this controversy will shape the future of celebrity-backed cryptocurrencies and the broader crypto landscape.